ETF Research Center

Invesco India ETF

ALTAR
Score™

4.5%

Recommen-
dation

AVOID

2025E 2026E
P/E ratio	22.2x	P/Sales ratio	2.3x
P/BV ratio	3.0x	Div. yield	1.6%

Description
Performance
Comps
Fundamentals
Valuation
Rating

Invesco India Portfolio seeks investment results that correspond to the price and yield of the Indus India Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Invesco
Website	www.invesco.com
Inception date	Mar 05, 2008
Assets (mns)	$186
Currency	USD
Expense ratio	78 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Brown Brothers Harriman & Co
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	177
Wgt avg mkt cap (mns)	$50,742
Large cap (>$10bn)	81.1%
Mid cap ($2-10bn)	17.7%
Small cap (<$2bn)	0.4%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	39.2 %
HDFC BANK LIMITED	7.8 %
RELIANCE INDUSTRIES LTD	6.5 %
ICICI BANK LTD	5.5 %
BHARTI AIRTEL LIMITED	3.7 %
INFOSYS TECHNOLOGIES LTD	3.7 %
CASH/RECEIVABLES/PAYABLES	3.7 %
MAHINDRA & MAHINDRA LTD.	2.3 %
TATA CONSULTANCY SVS LTD	2.1 %
AXIS BANK LIMITED	1.9 %
BAJAJ FINANCE LTD	1.9 %

TOP COUNTRY EXPOSURE
	INDIA	89.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
-3.7%	7.4%	7.4%	10.1%	3.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.36	20%
MSCI EAFE	0.47	26%
MSCI Emg. Mkts.	0.46	29%

Technical Indicators
Recent close	$22.44
30d moving avg.	$23.68
Annualized volatility	14.5%
Short interest (ETF)	0.2%
Relative strength (RSI)	46

Liquidity measures
Avg. volume (thou.)	49
Turnover	0.6%
Bid/Ask (% of price)	0.30%
ADV underlying (mns)	$832

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 143 potential alternatives to the Invesco India ETF ETF based on the alternatives' overlap in portfolio holdings with PIN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

PIN

Expense:

78 bp

ALTAR Score™:

4.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PIN
Ticker	Fund Name	Overlap¹ vs PIN (%)	Expense ratio (bp)	Savings vs PIN (bp)	ALTAR Score™ (%)	ALTAR vs PIN (%)
FLIN	Franklin FTSE India ETF	70.1	19	59	3.9	-0.6
INDY	iShares India 50 ETF	59.7	89	-11	4.8	+0.3
EPI	WisdomTree India Earnings Fund	55.6	85	-7	4.8	+0.3
NFTY	First Trust India NIFTY 50 Equal Weight ETF	43.3	80	-2	4.6	+0.1
NDIA	Global X India Active ETF	26.3	75	3	4.6	+0.2
XC	WisdomTree Emerging Markets Ex-China Fund	25.7	32	46	6.2	+1.7
BKF	iShares MSCI BIC ETF	24.6	69	9	13.7	+9.2
VEXC	Vanguard Emerging Markets Ex-China ETF	20.0	7	71	6.1	+1.6
RNEM	First Trust Emerging Markets Equity Select ETF	18.6	75	3	7.9	+3.4
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	18.1	32	46	5.3	+0.9
XCNY	SPDR S&P Emerging Markets ex-China ETF	17.8	15	63	6.1	+1.6
GLIN	VanEck India Growth Leaders ETF	16.7	77	1	5.2	+0.8
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	16.6	40	38	6.7	+2.3
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	16.1	24	54	6.0	+1.6
STXE	Strive Emerging Markets Ex-China ETF	15.8	32	46	6.1	+1.6
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	15.4	25	53	6.7	+2.3
JHEM	John Hancock Multifactor Emerging Markets ETF	15.2	49	29	8.2	+3.7
INCO	Columbia India Consumer ETF	15.0	75	3	2.0	-2.5
EMXC	iShares MSCI Emerging Markets ex China ETF	14.7	25	53	5.8	+1.3
XCEM	Columbia EM Core ex-China ETF	14.2	16	62	5.6	+1.1
EEMA	iShares MSCI Emerging Markets Asia ETF	14.1	49	29	8.4	+3.9
LDEM	iShares ESG MSCI EM Leaders ETF	13.9	17	61	12.5	+8.0
EMMF	WisdomTree Emerging Markets Multifactor Fund	13.6	48	30	9.2	+4.7
FLAX	Franklin FTSE Asia Ex Japan ETF	13.5	19	59	7.9	+3.4
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	12.7	30	48	8.3	+3.8
NUEM	Nuveen ESG Emerging Markets Equity ETF	12.7	36	42	6.6	+2.1
AAXJ	iShares MSCI All Country Asia ex Japan ETF	12.6	70	8	7.7	+3.3
VWO	Vanguard FTSE Emerging Markets ETF	12.5	7	71	9.5	+5.0
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	12.5	15	63	8.7	+4.2
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	12.5	32	46	8.1	+3.6
GMF	SPDR S&P Emerging Asia Pacific ETF	12.4	49	29	9.1	+4.6
ECON	Columbia Emerging Markets Consumer ETF	12.2	49	29	7.6	+3.1
AVES	Avantis Emerging Markets Value ETF	11.8	36	42	9.3	+4.9
SCHE	Schwab Emerging Markets Equity ETF	11.3	11	67	9.8	+5.3
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	11.2	36	42	8.3	+3.8
DEHP	Dimensional Emerging Markets High Profitability ETF	11.2	41	37	5.4	+0.9
BKEM	BNY Mellon Emerging Markets Equity ETF	11.2	11	67	8.6	+4.1
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	11.2	66	12	8.0	+3.5
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	11.1	45	33	8.8	+4.4
AVXC	Avantis Emerging Markets Ex-China Equity ETF	11.1	33	45	6.9	+2.4
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	11.0	95	-17	10.8	+6.4
EEM	iShares MSCI Emerging Markets ETF	10.9	69	9	8.6	+4.1
EMGF	iShares Emerging Markets Equity Factor ETF	10.8	25	53	9.8	+5.4
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	10.3	88	-10	8.4	+4.0
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	10.3	15	63	9.6	+5.1
ROAM	Hartford Multifactor Emerging Markets ETF	10.3	44	34	8.3	+3.9
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	10.2	75	3	7.0	+2.5
EVLU	iShares MSCI Emerging Markets Value Factor ETF	10.1	35	43	11.8	+7.4
IEMG	iShares Core MSCI Emerging Markets ETF	10.0	9	69	8.9	+4.4
EMXF	iShares ESG Advanced MSCI EM ETF	10.0	16	62	7.5	+3.1
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	9.8	30	48	8.8	+4.3
ESGE	iShares ESG Aware MSCI EM ETF	9.7	25	53	9.0	+4.6
SPEM	SPDR Portfolio Emerging Markets ETF	9.4	7	71	9.8	+5.3
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	9.3	20	58	-0.2	-4.7
DGIN	VanEck Digital India ETF	9.1	71	7	1.5	-3.0
PXH	Invesco FTSE RAFI Emerging Markets ETF	9.1	49	29	14.0	+9.5
DEXC	Dimensional Emerging Markets ex China Core EquityETF	8.7	53	25	5.8	+1.4
AVSE	Avantis Responsible Emerging Markets Equity ETF	8.6	33	45	7.3	+2.9
AVEM	Avantis Emerging Markets Equity ETF	8.5	33	45	7.7	+3.3
DFAE	Dimensional Emerging Core Equity Market ETF	8.5	35	43	7.6	+3.1
DFEV	Dimensional Emerging Markets Value ETF	8.4	43	35	10.5	+6.0
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	8.3	33	45	7.4	+3.0
FDEM	Fidelity Emerging Markets Multifactor ETF	8.1	25	53	11.0	+6.6
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	8.1	39	39	14.2	+9.7
EMC	Global X Emerging Markets Great Consumer ETF	8.1	75	3	7.7	+3.3
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	7.6	44	34	9.3	+4.9
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	7.3	38	40	7.6	+3.1
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	7.3	41	37	7.4	+2.9
EEMO	Invesco S&P Emerging Markets Momentum ETF	7.3	29	49	8.0	+3.6
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	6.9	59	19	9.1	+4.6
IPAV	Global X Infrastructure Development ex-U.S. ETF	6.4	55	23	5.8	+1.4
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	6.0	50	28	8.9	+4.5
JADE	JPMorgan Active Developing Markets Equity ETF	5.4	65	13	6.6	+2.1
MEM	Matthews Emerging Markets Equity Active ETF	5.0	79	-1	9.1	+4.7
SMIN	iShares MSCI India Small Cap ETF	4.7	79	-1	3.5	-0.9
VIGI	Vanguard International Dividend Appreciation ETF	4.5	10	68	6.0	+1.6
UEVM	VictoryShares Emerging Markets Value Momentum ETF	4.4	45	33	9.8	+5.3
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	4.3	60	18	6.5	+2.1
DEM	WisdomTree Emerging Markets High Dividend Fund	4.1	63	15	11.1	+6.6
ACWV	iShares MSCI Global Min Vol Factor ETF	4.1	20	58	5.6	+1.1
JIVE	JPMorgan International Value ETF	3.7	55	23	8.7	+4.3
PICK	iShares MSCI Global Metals & Mining Producers ETF	3.7	39	39	8.3	+3.8
VEU	Vanguard FTSE All-World ex-US Index Fund	3.6	4	74	7.0	+2.5
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	3.5	18	60	6.6	+2.2
EEMS	iShares MSCI Emerging Markets Small Cap ETF	3.5	70	8	6.8	+2.3
ACWX	iShares MSCI ACWI ex U.S. ETF	3.4	34	44	6.6	+2.2
VXUS	Vanguard Total International Stock ETF	3.4	5	73	6.9	+2.4
IXUS	iShares Core MSCI Total International Stock ETF	3.3	7	71	6.8	+2.4
NXTG	First Trust Indxx NextG ETF	3.2	70	8	4.7	+0.2
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	3.1	41	37	6.4	+1.9
FTAG	First Trust Indxx Global Agriculture ETF	3.0	70	8	7.1	+2.7
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	2.8	47	31	4.9	+0.4
VSGX	Vanguard ESG International Stock ETF	2.8	10	68	6.9	+2.4
CGXU	Capital Group International Focus Equity ETF	2.7	54	24	4.2	-0.3
JIG	JPMorgan International Growth ETF	2.7	55	23	3.7	-0.7
LEGR	First Trust Indxx Innovative Transaction & Process ETF	2.6	65	13	7.8	+3.4
SCHY	Schwab International Dividend Equity ETF	2.6	14	64	8.3	+3.9
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	2.5	30	48	6.6	+2.1
CWI	SPDR MSCI ACWI ex-US ETF	2.4	30	48	6.7	+2.2
FEM	First Trust Emerging Markets AlphaDEX Fund	2.4	80	-2	9.3	+4.8
MINV	Matthews Asia Innovators Active ETF	2.1	79	-1	6.7	+2.2
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	2.0	47	31	7.8	+3.3
IQDF	FlexShares International Quality Dividend Index Fund	1.8	47	31	7.9	+3.4
EYLD	Cambria Emerging Shareholder Yield ETF	1.8	66	12	9.8	+5.4
IGRO	iShares International Dividend Growth ETF	1.6	15	63	6.8	+2.3
AVEE	Avantis Emerging Markets Small Cap Equity ETF	1.5	42	36	8.0	+3.6
AQLT	iShares MSCI Global Quality Factor ETF	1.4	18	60	0.0	-4.5
CRBN	iShares MSCI ACWI Low Carbon Target ETF	1.3	20	58	4.9	+0.5
DVYE	iShares Emerging Markets Dividend ETF	1.3	49	29	17.6	+13.2
ACWI	iShares MSCI ACWI ETF	1.3	32	46	4.9	+0.4
VT	Vanguard Total World Stock ETF	1.3	6	72	5.2	+0.8
VEGI	iShares MSCI Agriculture Producers ETF	1.2	39	39	7.4	+3.0
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	1.2	67	11	12.5	+8.1
KNCT	Invesco Next Gen Connectivity ETF	1.2	40	38	3.9	-0.6
KLMT	Invesco MSCI Global Climate 500 ETF	1.1	10	68	5.2	+0.7
DGT	State Street SPDR Global Dow ETF	1.1	50	28	5.9	+1.4
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	1.0	58	20	8.6	+4.2
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	1.0	42	36	4.1	-0.3
VYMI	Vanguard International High Dividend Yield ETF	1.0	17	61	8.2	+3.7
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.9	12	66	8.0	+3.5
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.9	12	66	4.6	+0.1
DWX	SPDR S&P International Dividend ETF	0.9	45	33	6.7	+2.3
EDIV	SPDR S&P Emerging Markets Dividend ETF	0.9	49	29	9.0	+4.5
GLOF	iShares Global Equity Factor ETF	0.8	20	58	5.8	+1.4
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.8	46	32	7.5	+3.0
CGGO	Capital Group Global Growth Equity ETF	0.7	47	31	4.4	-0.0
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	0.6	78	0	10.0	+5.6
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.6	70	8	6.0	+1.6
JGLO	JPMorgan Global Select Equity ETF	0.6	33	45	4.3	-0.1
OBOR	KraneShares MSCI One Belt One Road Index ETF	0.5	79	-1	6.9	+2.4
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.5	49	29	4.8	+0.3
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.3	10	68	7.9	+3.4
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.3	9	69	5.1	+0.6
CGW	Invesco S&P Global Water Index ETF	0.3	57	21	4.3	-0.2
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.3	65	13	6.9	+2.5
ANEW	ProShares MSCI Transformational Changes ETF	0.2	45	33	4.5	0.0
AVRE	Avantis Real Estate ETF	0.2	17	61	6.8	+2.3
ERTH	Invesco MSCI Sustainable Future ETF	0.2	62	16	3.1	-1.4
ICLN	iShares Global Clean Energy ETF	0.2	41	37	2.0	-2.4
REET	iShares Global REIT ETF	0.2	14	64	7.0	+2.5
DFGR	Dimensional Global Real Estate ETF	0.2	22	56	7.0	+2.6
DEW	WisdomTree Global High Dividend Fund	0.2	58	20	7.3	+2.9
PIO	Invesco Global Water ETF	0.1	75	3	4.1	-0.4

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Invesco India ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.3	%
Divided by: Fwd. P/BV	2.9	x
Less: Expense ratio	78	bp
Equals: ALTAR Score	4.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	CATEGORY AVERAGE	1.52

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.